A report from the Impact Finance Research Consortium (IFRC) sheds new light on the features and applications of catalytic capital. A collaboration of the Wharton ESG Initiative, the Harvard Business School Social Impact Collaboratory, and the Rustandy Center for Social Sector Innovation at Chicago Booth, IFRC analyzed when, how, and why impact investors deploy catalytic capital and reports on recommendations for building the field of catalytic capital in the future.